FINANCIAL LICENSING

Fund Management
License In Mauritius

CIS & CEF Manager License

Mauritius issues clear Fund Manager /Investment Adviser licences within a reasonable time, requires reasonable minimum capital requirement, charges low licence fees and has a low tax rate.

Mauritius is one of the best places to save on costs for Investment Houses and Fund sponsors and at the same time enjoy the array of fund administrators, service providers and fund lawyers in the country.

4-6 Months

Licensing Time

15%

Taxation ( On Audit )

License Type

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Key Information You Need To Know

Documents

Required

Following documents are required to apply for license application.

For Each Director , Shareholder & Ultimate Beneficial Owner

  • Notarised/Certified Passport Copy
  • Notarised/Certified Proof of Address
  • Notarised/Certified Bank Statement
  • Bank Reference Letter
  • Curriculum Vitae

Please provide below, if the company has corporate shareholder :

  • Certificate of incorporation
  • Memorandum and articles of associations.
  • Articles of Incorporation
  • Register of Directors & Shares
  • Certificate of good standing (if the company is more than 12 months old)

Other Documents Required :

  • Detailed business plan, including a description of the activities, targeted customers, products and services to be offered, target countries/geographical area of operations, risks associated with the model being proposed and measures to mitigate those risks
  • Process flow of funds and role of the company in the process with respect to the flow of funds
  • A copy of the contract to be signed between the company and the customers
  • Details on the mechanisms put in place to ensure the security of transactions
  • Proof of Source of Wealth

If you have any questions, please feel free to contact us or write to support@startingoffshore.com

Corporate

Information

Company Structure :

  • 2 Directors With Experience in Fund Management
  • 2 Local Mauritius Resident Directors – provided by us in the package.

Taxation :

  • Standard corporate tax rate of 15% is reduced to a net effective tax rate of 3%
  • No exchange control restrictions
  • Free repatriation of profits, dividends and capital
  • No exchange control restrictions

Accounting & Auditing:

  • Audit should be done from Mauritius
  • The Company will be required to fil audited financial statements and tax return within 3 months from its balance sheet date.
  • Accounting records should be kept at the local offices of the administrator.

Registered Agent & Office – Required

Company Secretary – Required

Insurance Cover – Required

 

If you have any questions, please feel free to contact us or write to support@startingoffshore.com

License

Information

CIS – Collective Investment Scheme 

A CIS, commonly referred to as open-end fund, is a scheme constituted as a company, a trust, or any other legal entity prescribed or approved by the FSC and includes CEFs whose shares are listed on a securities exchange but excludes all such schemes as specified in Part II of the Schedule of the Act, fulfilling the following:

  • Its sole purpose is the collective investment of funds in a portfolio of securities, or other financial assets, real property or non-financial assets as may be approved by the FSC;
  • whose operation is based on the principle of diversification of risk
  • that has the obligation, on request of the holder of the securities, to redeem them at their net assets value, less commission or fees; and
  • where the participants do not have day to day control over the management of the property, whether or not they have the right to be consulted or to give directions in respect of such management

CEF – Close Ended Fund

A CEF, commonly referred to as a private equity fund, is a scheme that invests in a portfolio of securities, or in other financial or non-financial assets, or real property, as may be approved by the FSC, with the objective of investing funds collected from subscribers under Part V of the Act or from sophisticated investors.

An entity needs to be authorized as a CEF if it will invest funds collected from sophisticated investors in a portfolio of securities or in financial or non-financial assets or solicits another person to purchase or subscribe to securities that have never been issued previously.

An entity needs to be authorized as a CIS if its sole purpose is the collective investment of funds in a portfolio of securities or other financial assets, real property or non-financial assets and operates based on the principle of diversification of risk.

The primary difference between a CIS and a CEF is that a CIS has a variable share capital while a CEF has a fixed share capital and has the obligation, on request of the holder of the securities, to redeem them at their net assets value, less commission or fees.

Capital Requirement

The minimum capital requirement for a CIS is currently set at 30,000 USD  or equivalent currency, given the nature, complexity and risks associated with CIS activities.

Permitted Activities under license:

  • All administrative services required by the scheme
  • Provision of registrar and transfer facilities
  • Distribution of the securities of the scheme
  • Maintaining accounting records of the scheme
  • Giving investment advice in relation to the scheme
  • Managing the portfolio of the scheme

If you have any questions, please feel free to contact us or write to support@startingoffshore.com

Application

Process

In order to acquire a license, following steps will be carried out :

  • Reviewing & Due Diligence of KYC of Directors & UBO
  • Name Check & Reservation at ROC
  • Preparing Application Forms, Drafting and Compiling Documentation & Reviewing of Application
  • Filing Application with the Mauritius Financial Services Commission (FSC)
  • Follow up and liaising with FSC

If you have any questions, please feel free to contact us or write to support@startingoffshore.com

 

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